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Can i cash out my 401k if I've already took half and lose my
Can i cash out my 401k if I've already took half and lose my job … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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Last year I quit my job in January (2017) because I was
Greetings. Last year I quit my job in January (2017) because I was moving from California to Washington. I cashed out my 401k for $15,227.33 in it. I did this to pay bills while I worked independently… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
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May I claim my adult son as a dependent. After losing his
May I claim my adult son as a dependent. After losing his job, he fell on a deep depression and anxiety and has not recovered. I have provided for health insurance and everything else. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My son, 7-8 years ago, purchased a condo in Riverside which
My son, 7-8 years ago, purchased a condo in Riverside which he had help to make his down payment. His 401 was not large enough to be able to use at the time. (He currently rents the condo at a lost ea… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My husband lost his job and now he has $39,994. in his 401K.
My husband lost his job and now he has $39,994.69 in his 401K. We are thinking about taking this money out. After 20% we would get $31,995.76 There would be a 20% fee for taking it out early then we w… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
Ok.... JA: The Accountant will know how to help. Please tell
in 2015, I loss my job, and ended up putting money into an IRA....since I loss my job ...I took $64,000 from the $94,000 rolled from my pension into an IRA … read more
Angie
Angie
Bookkeeper
502 satisfied customers
I have a question regarding the income tax on 2009. My son
I have a question regarding the income tax on 2009. My son has been living out of united states more than 10 years. because for the cancer,and surgery I could not work,I need the money for my treatmen… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Hello...my brother passed two months and I am in the process
Hello...my brother passed two months and I am in the process of deaing with his estate. He he had 140K in a 401K which will be split between his two boys ages 22 and 30. He had the traditional 401K bu… read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,152 satisfied customers
a client of mine is 43, lost his job due to plant closure.
a client of mine is 43, lost his job due to plant closure. took money from 401k it is coded 1L. he insists he shouldn't have to pay the penalty because of losing his job. no health ins premiums or edu… read more
Dave CPA
Dave CPA
Master's Degree
882 satisfied customers
I withdrew money from my 401K to repair and make improvements
I withdrew money from my 401K to repair and make improvements to a home I bought as a short sale. It is now our primary residence and will be our retirement home; my thoughts were that this was money … read more
Jacy
Jacy
Bachelor's Degree
434 satisfied customers
My father took a terrible fall and is in the hospital/rehab
My father took a terrible fall and is in the hospital/rehab and then will go to a nursing home. We have no idea for how long. He is currently in no way able to make any decisions on his own. In the mi… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have been unemployed for two years. My wife has a job and
I have been unemployed for two years. My wife has a job and our 21 year old son has a job and lives with us. He filed a separate tax return so I can't claim him as dependent but we provide more than h… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Hello Ed, My husband and I now owe close to 15K in taxes due
Hello Ed, My husband and I now owe close to 15K in taxes due to wrong information on our income taxes of 2007. We purchased our first home in 2007 with our 401k funds. Unfortunately since my husband h… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
When I went through my divorce we had a QUADRO to get funds
When I went through my divorce we had a QUADRO to get funds out of his retirement. It was97,000.00 then they took out 20,000.00 for the penalty and the rest was written out to me. It was turned over t… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Husband cashed out retirement plan 3 months ago. The total
Husband cashed out retirement plan 3 months ago. The total amount was 184,000 They withheld 20 percent. We received 145,000. We went to my cpa and mailed a check to pay the state taxes (18,455). My qu… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My son filed his 2008 income tax and owed the IRS $6,000.00.
My son filed his 2008 income tax and owed the IRS $6,000.00. He had made arrangements to make monthly payments. The reason that he owed taxes was because he became disabled and took out his 401K. He d… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
968 satisfied customers
What can I do IRS send me a mail saying I need to pay more money for 2007 tax retur
as I said, I received a letter from the IRS saying that I needed to pay 4357 dollars for a tax return of 2007 that I did throught turbo tax, like i have been doing for the past 10 years. I filed w2 fr… read more
Dave
Dave
Self-Employed
Bachelor
606 satisfied customers
We need to cash out my husbands 401K account as he ...
We need to cash out my husband's 401K account as he just left one company and joined another. When we do this 20% will be taken out automatically for taxes. How much more should we take out so we won'… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
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